37 Reports required on listing and annually Three different statements and reports are required of oil and gas companies under NI 51-101. The following statements and reports must be filed upon listing, and then annually, by oil and gas companies: REPORTS REQUIRED Statement of reserves data and other information (NI 51-101F1) This statement involves the disclosure of all reserves data based on both constant prices (costs and prices at the time of the estimate) and forecast prices (reasonably predicted future costs and prices). This disclosure applies to all the different classifications of reserves defined above. It must include: • a breakdown of proved reserves; • the present value of the future net revenue attributable to proved reserves; • a breakdown of certain elements of future net revenue (as laid out in NI 51-101F1); and • additional information as described in NI 51-101F1. Report of independent qualified reserves evaluator or auditor (NI 51-101F2) This is a report submitted to the board of directors by an independent qualified evaluator or auditor, as defined above, and gives a detailed opinion based on an audit conducted by that person. The independent qualified person will have: • evaluated or audited at least 75 percent of the future net revenue (calculated using a discount rate of 10 percent) attributable to proved plus probable reserves, as reported in the Statement of Reserves Data; and • reviewed the balance of such future net revenue. Report of management and directors (NI 51-101F3) This report from the board of directors confirms that the information in the Statement of Reserves Data has been reviewed by the board of directors, that the independence of the qualified person was verified and that there were no reservations behind the information received. In this report, the board of directors approves: • the content and filing with the securities regulatory authorities of the reserves data and other oil and gas information; • the filing of the report of the independent qualified reserves evaluator on the reserves data; • the content and filing of the Report of Management and Directors itself. This report is meant to confirm the responsibilities of the company’s management and confirms the role of the board of directors in connection with the responsibilities of the management. News releases to announce filing Once the above reports are filed, the company is responsible for issuing a news release announcing the filing of the reports and where an electronic copy can be found.
RkJQdWJsaXNoZXIy MjgzMzQ=